Tuesday, December 25, 2007

Although the real estate market in Fernandina and Yulee had a slight dip in 2007 compared to 2006, there continue to substantial deals in the market if you look hard enough. I recently wrote 4 offers in the course of four days that resulted in 3 signed contracts. All of the homes had been on the market for longer than 6 months and had significant price drops in the last 30 days. For those sellers who are looking to move their property, its a great time for buyers to step up to the plate. Sellers are more willing to look any reasonable offer and often will not allow the minor issues to prevent a successful sale from happening.ct

One of the houses that was put under contract was a 2300 square foot home in Amelia National that was originally listed in the 400's and went to contract in the 200's. Amelia National is a private gated golf course community located 10 minutes from Amelia Island in Fernandina Beach, Florida. It has a Tom Fazio designed golf course and newly finished Club House with fitness center, tennis courts, pool, locker rooms, and fitness facility. Recent sales have slowed and some of the builders are anxious to sell off their completed inventory for very resonable prices. The golf course and Club House are top of the line facilities on par with Summer Beach and the Amelia Island Plantation.

HOME SALES - FloridaDisruptions in the mortgage market and tightening credit continued to impact Florida’s housing sector in October, with statewide sales of existing single-family homes totaling 9,165, a decrease of 29 percent from the October 2006 figure. The statewide existing-home median price last month was $222,100.

BOA – Survey Results

Another Quiet Month with Few Buyers Swayed by Lower PricesTraffic index up slightly, but due primarily to lower expectations (based oncontinued weak demand and a seasonally slower time).

Our traffic index improved to 20 in November from 18 in October, but remains depressed. Price index inches back down, and only limited talk of interest at lowerprices. Our price index was essentially flat at 17.1 in November, down from 18.2in October (readings below 50 indicate sequentially lower prices). Once again,agents noted price declines in every market we surveyed. However, what wasinteresting is that few agents noted any positive buyer response to the lowerprices, primarily as buyers remained concerned about buying before the bottom.Inventory still rising and will likely pressure prices. John Holbrook - REALTOR Prudential Chaplin Williams Realty Amelia Island, Fernandina Beach, Yulee FL 32034 904-415-0171 holbrook66@msn.com Search the entire MLS at www.nassaumls.net

I graduated from Rollins College in Winterpark, Florida with a degree in business and economics. I made stops in Aspen Colorado and Washington, DC. along the way and eventually settled in Killington, Vermont. I built my first house some 20 years ago. I have worked on several mixed use residential developments in New England. I eventually returned to Florida and settled on Amelia Island 6 years ago. For the most part, I concentrate on newer home sales in Nassau County. I’m always on the look out for residential or commercial properties that make economic sense and offer a financial reward for the end user.

Describe your background in real estate?

As a Realtor, I pledge to do business according to a strict code of ethics and am proud to be a member of The Nassau County Board of Realtors. I have been licensed in the State of Florida since 1999 and am a member of the Florida Association of Realtors as well as the National Association of Realtors. Additionally, I oversee the training and educational platforms for all six of the Prudential Chaplin Williams Realty locations in Nassau County. As a company, we encourage all of our agents to regularly participate in classes and seminars that relate to our local market.

What do you enjoy about being a real estate agent?

The thing that I enjoy most about being a real estate agent is researching and identifying properties that match the needs of the buyer. If you are walking into your prospective dream home without a knowledgeable realtor by your side, you’ve done yourself a disservice. In my mind, it’s essential that all real estate agents have an understanding of the Nassau County regulations as well as the history of the communities and the individual neighborhoods.

What services do you offer?

We are a full service real estate brokerage company that handles all aspects of buying and selling property in the State of Florida.

How do you use technology like the Internet to help buy and sell?

Technology in the marketplace is vital in today’s marketplace. I currently sponsor a site called www.nassaumls.net that allows buyers to access the same information in the Multiple Listing Service that the local Realtors use. An individual user can log on to this site from their personal computer and research approximately 2000 different properties that are for sale throughout Amelia Island, Fernandina Beach, Yulee, Hilliard and Callahan. Another advantage of the internet is the ability to send out internet based newsletters and flyers directly to clients in my “buyers pool”. I can reach several thousand unique buyers who have expressed an interest in our area within minutes regarding any new listings or price changes.

What type of real estate do you specialize in…residential, commercial, land, PUDs?

Right now, I have about 25 different listings for sale. These range in size from individual lots to large commercial tracts as well as residential homes. I have a group of agents within the Prudential office that I work with to maximize marketing and exposure on all of my properties. Furthermore, our office staff is incredible at generating and gathering prospective buyers. The Prudential Chaplin Williams website alone routinely registers over 10,000 unique visitors per month who come to search our active listings. It’s just another way that our Prudential support staff is able to concentrate on preparing the marketing and promotional pieces while allowing our agents more time to show individual properties. I try to personally show five to ten listings per week to keep my clients up to date on what is available. Recently, we have been aggressively expanding our services to attract buyers who are looking for a full service real estate company that can handle all of their home search needs from property management to rentals to closed sales.

What distinguishes you from your competition?

I think the thing that personally separates me from other agents is that I know my product inside and out. My buyers are qualified and my sellers are ready to sell. I’ve never had a finalized contract that didn’t make it to the closing table. You can reach me at almost any time of the day and when your ready to move on a property, I shift into high gear very quickly.

What area of Nassau County do you cover?

I live on the south end of the Island and am always keeping an eye on the activity at the Amelia Island Plantation as well as Summer Beach. Most of my work week is focused on the Yulee and Fernandina Beach market. I think that there are some great opportunites for develop tracts and commercial pieces in the western part of Nassau County. I’ve had several large commercial clients who have expressed an interest in retail and industrial use property near the A1A and US 17 intersection as well.

What did I not ask you that you would like to see included in the story?

It’s a great time to buy! With the current inventory levels so high and the builders trying to liquidate homes, there are some incredible deals right now in the marketplace. It is not the time to sit on the sidelines and the best deals are not always advertised in the Sunday paper! I recently negotiated a home sale for a client who saved over $130,000 off the builder’s original list price on a new home. By being on top of the current market conditions and having great contacts within the industry, it is amazing what type of deals you can come across.

Specials awards or community memberships?

Recently, the Prudential Chaplin Williams Staff volunteered to staff the concession stand for the Yulee-Fernandina Beach Football game. It was great to see the many familiar faces of families that we had sold houses to over the years that were attending the game. We had an incredible turnout and were able to raise several thousand dollars in funds for the school. By the fourth quarter we had sold out every item in our inventory. Pizza, burgers, hot dogs, popcorn, soda – you name it, we sold it!

Thursday, January 18, 2007

NEW YORK – Jan. 17, 2007 – Housing experts, speaking at a recent Real Estate Connect conference, said stabilization or improvement in mortgage rates, residential prices and household incomes will spark a rebound in the housing market by the middle of the year.

Freddie Mac chief economist Frank Nothaft forecasts “some pretty clear, consistent signs of recovery in home sales and single-family construction” by summer. Expectations that the Federal Reserve will hold interest rates steady or take steps to boost the economy by cutting rates are responsible for predictions of a housing rebound, with experts noting that a jump in interest rates or unemployment rates could worsen the downturn.

Housing economists also anticipate problems in the subprime niche, with some cash-strapped borrowers forced out of their homes as their monthly payments rise and become less affordable. This pattern could drive up inventory and exert downward pressure on prices.

NEW YORK – Jan. 17, 2007 – Housing experts, speaking at a recent Real Estate Connect conference, said stabilization or improvement in mortgage rates, residential prices and household incomes will spark a rebound in the housing market by the middle of the year.Freddie Mac chief economist Frank Nothaft forecasts “some pretty clear, consistent signs of recovery in home sales and single-family construction” by summer.Expectations that the Federal Reserve will hold interest rates steady or take steps to boost the economy by cutting rates are responsible for predictions of a housing rebound, with experts noting that a jump in interest rates or unemployment rates could worsen the downturn.Housing economists also anticipate problems in the subprime niche, with some cash-strapped borrowers forced out of their homes as their monthly payments rise and become less affordable. This pattern could drive up inventory and exert downward pressure on prices.According to California Association of Realtors chief economist Leslie Appleton-Young, “Housing is always going to be sexy, but I think some of the buzz, when there’s less money being made, is going to go away.”

Saturday, January 13, 2007

LandMar and Hampton Golf will offer a special opportunity to allow buyers contracting in 2007 to have the Hampton Golf Membership Initiation Fee waived.

1. Buyers in North Hampton will be offered the opportunity to join The Club at North Hampton as a Full Golf Member and have the initiation fee waived. This offer is good only on purchases with contracts written on or after January 1, 2003 and extends throughout the 2007 year.

2. The LandMar Realty Agent must complete a Golf Membership Advantage Certificate with the buyer when a purchase agreement is completed for a homesite and submit the completed certificate to the Information Center.

3. The Information Center Manager will record the Certificate.

4. This Certificate will be forwarded by the ICM to the Membership Director for the Club who will contact the buyer to complete the membership application.

5. Buyers may select either a full golf (single or family) or a golf social (single or family) membership.

7. Buyers may activate their membership anytime following the clearing of contingencies on their contract and submission of a Golf Membership Advantage Certificate to the Club. The offer expires if the Buyer does not activate a membership within FORTY-EIGHT (48) months from closing on the homesite.

8. This offer is transferable ONE (1) time from the original purchaser during the FORTY-EIGHT (48) month period.

Wednesday, January 10, 2007

NEW YORK – Nov. 21, 2006 – Conflicting data this week showed that the housing market, like a bull in the ring, is wounded yet still powerful. It takes an experienced toreador to discern whether the beast will succumb to the knife or come charging back. The course it takes may hinge on which matters more to buyers: falling interest rates [a big positive] or fear of falling prices [a big negative].

For now, at least, housing construction is clearly in a localized recession. The freshest evidence came on Nov. 17 from the Census Bureau, which announced that starts on construction of single-family homes plunged 14.6 percent in October, to the lowest level since July 2000. On top of that, permits fell 6.3 percent, to the lowest level since December 1997, indicating that construction could dip even further in the months ahead.

But that’s not the end of the story. Buyers could still save the housing market, depending on how they react to current economic conditions. Mortgage rates, after rising at the beginning of this year, have dipped in recent months, from a peak of 6.80 percent on average for a 30-year fixed loan in July to 6.24 percent last month, according to Freddie Mac. There’s also speculation that the Federal Reserve could cut rates in the months ahead, if inflation is under control and the economy flags.

Divided Economists

If buyers take heart from the decline in mortgage rates and step up to buy, the backlog of unsold homes could shrink quickly – especially with the production of new homes having abruptly fallen. That would put the market back on sound footing within a few months. On the other hand, if potential customers decide that an investment in housing is “dead money” because home prices are going to flatten or decline for an extended period, then no jiggering of interest rates is going to encourage them to part with their down payments.

Economists are sharply divided over the prospects for housing because they disagree over how potential buyers will react. Ian Shepherdson, chief North American economist of High-Frequency Economics in Valhalla, N.Y., is a bear on housing because he thinks the prospect of further price declines, or at least a lull, will scare away buyers. During the boom, he says, people were effectively being paid to buy homes because the annual appreciation they got was greater than the interest on their loans. That is no longer true.

But economists who are more bullish say buyers don’t seem to be frightened despite the flood of bad publicity about housing. They point to the recent resilience of demand. For example, the Mortgage Bankers Assn. announced on Nov. 15 that its seasonally adjusted index of mortgages to purchase homes rose 2.7 percent in the week ended Nov. 10, to its highest level since July. The biggest factor: lower mortgage rates. Rates for 30-year fixed mortgages fell to 6.15 percent, their lowest since this past January.

Waiting for the Recovery

And people are putting those mortgage loans to work: Sales of both new and existing homes are up from their summer lows. “We’re probably seeing the turn. We’re starting fewer homes even though we’re continuing to sell them,” says Michael Englund of Action Economics.

The housing slump is far from over, but the conditions for an eventual recovery are in place: Builders are sharply cutting back, and buyers are cautiously continuing to buy. That means the backlog of unsold homes should begin to diminish. The welcome decline in mortgage rates may seem small compared to the reversal in price trends, from soaring to sinking. But it appears enough to put at least some people back in a buying mood.

The final offering of retail home sites at North Hampton has just been released and we've saved the best for last. Located in the Marsh View Estates neighborhood, these home sites boast some of the most stunning views of our 18 hole Arnold Palmer Signiture golf course. Just minutes from Amelia Island and Fernandina Beach, Florida.